The EU’s draft plan presented on 6 February envisages a reduction in fossil fuels. The document also states that the consumption of fossil fuels would have to be reduced by 85 per cent overall and a transition to green industries would have to be completed. In order to achieve the target of a 90 per cent reduction in greenhouse gas emissions, annual investments of almost 650 billion euros would be required between 2031 and 2050. And if global temperatures are held to 1.5 degrees Celsius, the EU could save €2.9 trillion in fossil fuel import costs from 2031 to 2050.
This is consistent with a new report from Allied Market Research that estimates the size of the renewable fuels market to be $955 billion in 2021 and is expected to reach $2 trillion by 2031, thanks to individual initiatives by government and private players. “The Paris Agreement and net zero target commitments have played an important role in the global energy transition,” the report said.
A report from Global Market Insights says the biofuel market is expected to reach $298.9 billion by 2032.
Quadrise plc (LON:QED) is an energy technology provider whose solutions enable production of cheaper, cleaner, simpler and safer alternatives to fuel oil and biofuels, proven in real world applications. Quadrise technologies produce transition fuels called MSAR® and bioMSAR™, which allow clients in the shipping, utilities and industrial sectors to reduce carbon emissions whilst also saving costs.
